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These three projects will be fully implemented by March 2020, added CEO of the Iranian Investment Petrochemical Group (IIPG) Rasoul Ashrafzadeh in an address to a press conference in the Iranian capital of Tehran on Friday.

Describing the 12-month period to March 2019 as a very difficult year for his complex, he expressed satisfaction over his company’s success to increase its profit generation by 115 percent in the same time span.

He added 25 percent of the company’s profit generation growth in this period pertained to the effective management of the financial costs.

Defining and implementing plans and projects in less developed areas of Iran, such as Lordegan, is a herculean task, the IIPG managing director said.  

Commenting on the development project of Ilam Petrochemical Company, Ashrafzadeh noted that since a month ago, feedstock injection into the gas sweetening unit of the company has successfully begun.

Shifting to the pre-commissioning of the olefin production unit of Ilam Petrochemical Company, he said the project will be inaugurated in early February.

Turning to the development of Lordegan Petrochemical Company, Ashrafzadeh added the utility section of the complex has become operational.

He said the company’s ammonia and urea production units will begin production in September and November respectively and will become fully operational by March 2020.

“The project to construct a potassium sulfate production unit in Orumiyeh Petrochemical Company is 98 percent complete.”

In addition to raising the country’s total production of petrochemicals, once completed, these three projects will reduce environmental pollutants as they help decrease natural gas consumption, he said.

Ashrafzadeh stressed that among the other goals pursued by implementing these three projects are developing the areas in which they are located and creating jobs.

He blamed as a negative aspect of Iran’s petrochemical industry, paying insufficient attention to the downstream sector.

This comes as, the IIPG CEO noted, given the simple technology employed in this sector as well as its high return of capital, ability to create jobs and low construction costs, the downstream sector of the domestic petrochemical industry can be a lucrative target for private investments.

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The Chairman of Iran and the UAE’s Joint Chamber of Commerce Farshid Farzanegan said, “In the current situation, economic and political relations are improving,” .

Farzanegan described peace and security in the region as critical factors for economic development, adding that the UAE also knows that the country’s progress depends on peace in the Persian Gulf.

Tensions in the Persian Gulf would slow down their economic progress, he added.

He further asserted that there is a significant number of economic agents in the UAE, especially in Dubai, many of whom are interested in working with Iran.

The chairman of the Iran-UAE Chamber of Commerce further stated that the Iranian Foreign Ministry and the Trade Promotion Organization (TPO) have put increasing relations with neighboring countries atop their agendas, stressing that the Iran-UAE Chamber of Commerce and the private sector must help those two bodies expand trade ties.

Farzanegan underlined that Dubai’s economy depends on trade relations with Iran, adding that both sides are eager to continue and expand bilateral trade ties.

Iran has always attached great importance to strengthening ties with Middle Eastern countries in a bid to maintain security in the region.

A maritime security delegation from the UAE arrived in Tehran on July 30 to resume bilateral coast guard meetings between Iran and the Arab country after a six-year hiatus, in a bid to increase joint efforts on enhancing maritime security in the Persian Gulf region.

The seven-member delegation from the UAE Coast Guard arrived in Tehran to attend the sixth joint coast guard meeting which was held in line with plans to boost maritime security cooperation between the two Persian Gulf littoral states.

During the meeting, the two sides discussed issues of mutual interest, including shared borders, citizens’ commutes, illegal trafficking, as well as ways to facilitate maritime connections between the two countries.

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